Here is some expert advice on how best to buy and sell a home at auction

Stuart Bleasdale of Feather Smales and Scales, Harrogate, which runs regular property auctions, says: “We are seeing a trend for people putting their home up for auction because they simply don’t want to go through the longer process of selling traditionally and we have had some good successes.

“We recently sold three properties this way and a further five sold after the auction but on auction terms. That means the buyer is legally bound to buy straight away.”

As for those bidding, along with investors and builders who are in the majority, those looking for a home of their own have joined in and in increasing numbers.

They include first-time buyers using a mortgage. “The crucial element there is that the mortgage has to be in place,” says Stuart.

Rosie Lord bought her home via auction after she split with her partner, which meant selling their house.

“I got half the proceeds but my budget for buying was limited so I looked at auction and managed to buy a terraced house for £60,000, including the fees.

“It needed updating and I am doing that slowly but I own my own home and when I got the keys I got a valuation from an estate agent who valued it at £80,000.”

Here, James Pank, director at Leeds-based Auction House West Yorkshire, gives his top tips on how to successfully buy a property at auction.

*Swot up on the local auction landscape. Hundreds of properties are sold via auction every year, and we’re seeing increasing numbers of people from outside of Yorkshire now buying via the hammer here since our auctions moved online. This means it can be pretty competitive, particularly when it comes to terraced properties and major renovation projects.

*Get to grips with different auction types. There are two types of auctions – a traditional auction, where the contract becomes legally binding when the hammer hits, and a conditional auction, where you pay a 4.5 per cent reservation fee upfront and then following the fall of the hammer you have eight weeks to exchange and complete.

Conditional auctions give you more time to get your finances in order following a successful bid, so they are often the best option for non-cash buyers who need more time to sort finance. However, buying this way can cost more as there are more fees involved.

*Go and do a physical viewing. Buying a property is a huge investment, so I always recommend going to view the property in person before bidding. It gives you a chance to check out its condition and ensure its right for you.

*Check the legal pack. Every home sold via auction comes with a legal pack that details everything you need to know about the property. It’s really important to check this pack in detail, particularly the special conditions sections, which lists all fees and conditions associated with the sale of the property. If you’re not confident looking through it yourself, pay a solicitor to check it for you.

*Observe an auction or two before the one you want to buy at. Once you know you want to bid on a certain property, it’s a good idea to watch another auction before the one where you’ll be buying.

This will provide you with insight into what happens on the day and give you more confidence ahead of having to bid yourself.

*Work out what you can afford and get your finances ready. Once you know you want to bid on a particular property, work out the maximum amount you can afford to bid and get your finances in place. If you are buying with a mortgage, make sure you have done everything humanly possible to get it agreed ahead of time as that is vital.

*Register to bid in plenty of time. Most auctions now take place online via live stream, so you need to register to bid rather than simply turning up. It only takes a few minutes, but try to register at least 24 hours before the auction in case you have any issues.

*On the day. Make sure you log on nice and early if you are bidding online, so you are ready for your lot. When it’s time to bid, always keep your maximum price in mind and stick to it. It’s very easy to get carried away.

*Do not bid too late. It’s really important not to leave bidding until the last second, as occasionally there may be a one or two second delay on your stream and this can sometimes cause people to miss out. Once the hammer drops, the last bid wins.

*When the hammer hits. If yours is the final bid before the hammer hits, congratulations, the property is now yours. All that’s left to do is to pay your fees and ask your solicitor to take the sale through to completion.

Contacts: www.auctionhouse.co.uk/westyorkshire; www.auctionhouse.co.uk/hullandeastyorkshire www.fssproperty.co.uk